New Research Reveals Missed Opportunities in Payment Options, Checkout Experiences, and Customer Data That Could Impact Retail Revenue and Loyalty
FreedomPay, a leader in Next Level Commerce™ technologies, and Verifone, the global payments leader for the world’s best-known merchants, financial institutions, and fintechs, today announced a new study conducted in partnership with Retail Dive’s studioID. The research reveals a significant disconnect between how retailers perceive their payment experiences and what consumers actually encounter. The findings highlight critical blind spots in payment options, checkout processes, and customer data collection that could lead to missed revenue opportunities and diminished shopper loyalty.
The study, titled ‘Data Says Retailer Perceptions and Consumer Experiences Don’t Align,’ surveyed 150 retailers and 1,000 consumers to explore the disconnect between retailer perceptions and consumer realities, offering actionable insights for improvement.
“The future of payments is about getting the solution right—not just in how payments are routed, but also in how terminals are serviced to enhance the shopping experience,” said Tim Aden, Executive Vice President of Global Partners at Verifone. “Creating a seamless, secure, and reliable payment process that meets the evolving needs of retailers and consumers elevates the entire shopping experience.”
Read More : Identity Management in the Financial Services Sector: Four Keys to Success
Key findings include:
- Retailer Overconfidence: A significant majority of retailers (86%) believe their payment experiences are better than their competitors’, yet consumer data suggests otherwise.
- Missed Payment Preferences: 70% of consumers say the availability of their preferred payment options influences where they shop, yet many retailers are not offering the payment methods consumers want, including mobile wallets and Buy Now, Pay Later (BNPL).
- Checkout Frustrations: Long checkout lines, slow service, and technical issues continue to plague the customer experience, with 75% of consumers saying their preferred checkout experience impacts where they shop.
- Data Collection Gaps: Retailers are missing opportunities to connect with consumers by not capturing and leveraging valuable customer data.
“This report is a wake-up call for retailers,” said Chris Kronenthal, President of FreedomPay. “The data reveals a clear gap between perception and reality when it comes to payment experiences. By addressing these blind spots and embracing innovative payment technologies, retailers can not only close this gap but also drive significant revenue growth and foster deeper customer loyalty.”
By partnering with FreedomPay and Verifone, retailers can gain access to cutting-edge payment technology, data-driven insights, and expert support to optimize their payment infrastructure and stay ahead of the competition.
Read More: Global Fintech Interview with Beth McCoy, President of RewardOps
[To share your insights with us, please write to psen@itechseries.com ]
